Chancellor Jeremy Hunt is expected to unveil a package of tax rises worth £25bn and spending cuts of £35bn in an effort to plug a £60bn funding black hole in the UK’s public finances in his Autumn Statement on Thursday (15 November).
Prime Minister Rishi Sunak said the Statement would "put our public finances on a sustainable trajectory" after the market turmoil that followed Liz Truss's Mini Budget in September, which preceded her and former chancellor Kwasi Kwarteng's resignation. Speaking to reporters on Sunday (13 November), Sunak said "financial conditions in the UK have stabilised". To maintain that stability, he said the government would need to deliver "on the expectations of international markets". "Part of our job is not just to bring stability back to the system, which we will do, but it is also to lay ...
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